THE WORLD'S GOLD by Wm. Penniman

Seventh-Day Adventist Publishing Association · Battle Creek, Mich. · March 11, 1880

FromThe Advent Review and Sabbath Herald, Vol. 55, No. 11

THE WORLD'S GOLD.

By Wm. Penniman

BY WM. PENNIMAN.

“The Ural Mountains, Australia, and the United States are the most productive sources of gold supply, the first yielding $20,000,000 annually, the second $37,000,000 and the third $35,000,000. Prior to the discovery of the rich mines of the United States, the total production was only $68,000,000 per annum. The fever of gold-hunting, which was excited by the finding of the great mines of the Pacific coast, rapidly increased the yearly production until, in 1850, it reached over $120,000,000, and five or six years later gold bullion was mined to the extent of the enormous sum of nearly $185,000,000. This was the largest yield of any one year, and the production has since gradually fallen away, and seems to have finally reached an equilibrium of about $100,000,000 per annum, nearly all of which is found in the three regions named.

“Now, if this represented the actual yearly increase in the volume of gold which is used as the basis of the currency of gold-using countries, it might serve, unassisted, as a standard. But the fact is, this production does little more than supply the place of that which disappears from circulation as money annually by loss and wear, or metamorphosis into articles of commerce. A few years ago some English statistician, after a careful investigation, estimated the yearly loss of gold coin to the British Treasury was at least £5,000,000 sterling, and, calculating from this basis, the loss to the world must amount to nearly the total production, and therefore little addition to the bulk of gold in the treasuries of all nations can be expected. It is true that new mines may be found. It is not to be supposed that there are no undiscovered regions rich with auriferous deposits. But against this are the uncertainties of discovery with an almost certain decrease of the present production. That there has been a large increase of the stock on hand during the past quarter of a century, cannot be denied; but this is due principally to the remarkable discoveries in the United States, which in a few years doubled the store. Thirty years ago the entire stock of gold coin was only a little more than $3,000,000,-000; At present it is $705,500,000,000. But the increase was made during a few years, and the past decade has added little to the stock.”

The foregoing, from the Pittsburg Dispatch, will be of interest to those who are watching the signs of the times. This great accumulation of riches reminds one of James 5:3: “Ye have heaped treasure together for the last days.” The prophet Isaiah, also, speaking of the time that immediately precedes the setting up of Christ’s kingdom, says, “Their land is full of silver and gold, neither is there any end of their treasures.” Formerly men were considered rich who could count their thousands; now they must have millions to be thought wealthy.

Think of the increase of $702,500,000,000, in thirty years, or during a few years!